Nearly One-Third of U.S. Renters Rank Housing Affordability As a Top-Three Issue in the Presidential Election: Redfin Survey

Nearly one-quarter of prospective first-time homebuyers say they are waiting until after the election to purchase a home. Additionally, homeowners are more likely to believe Trump is the best candidate for keeping home values high versus Harris, according to a Redfin survey fielded last month

SEATTLE--(BUSINESS WIRE)-- (NASDAQ: RDFN) — Nearly one-third (31.6%) of U.S. renters say housing affordability is a top-three issue when it comes to which candidate they’ll support in the upcoming presidential election, according to a new survey from Redfin (redfin.com), the technology-powered real estate brokerage.

Redfin published three separate reports today about the intersection of housing and the upcoming presidential election, all based on a Redfin-commissioned survey conducted by Ipsos in September 2024, which was fielded to 1,802 people aged 18-65:

The first report focuses on which issues are important to renters and homeowners when it comes to which candidate they’ll support in the election.

31.6% of renters said housing affordability is a top-three issue, as stated above; that’s compared to 17.1% of homeowners.
Kamala Harris voters were slightly more likely than Donald Trump voters to rank housing affordability as a top issue. One-quarter (25.1%) of all respondents who plan to vote for Kamala Harris ranked housing affordability as a top-three issue, compared with 20.4% of respondents who plan to vote for Donald Trump.
Over half (52.1%) of surveyed homeowners reported feeling better off financially than four years ago, compared to less than half (44.2%) of renters. That discrepancy is partly because soaring housing prices have helped homeowners build home equity.

The second report focuses on the share of house hunters who are waiting until after the election to buy a home.

Nearly one-quarter (23%) of prospective first-time buyers who are likely to purchase their first home in the next year said they are waiting until after the election.
Over a quarter (26.1%) of prospective first-time homebuyers are waiting to see if Harris’ housing plan—which includes $25,000 in downpayment assistance for some buyers—goes into effect before they purchase a home.
Nearly one in six (15.9%) are waiting to see if Trump’s plans for tackling “issues with affordable housing” are enacted.

The third report focuses on which candidate homeowners believe would be best for keeping home values high.

41.6% of homeowners believe Donald Trump would be best for keeping home values high, while 35.3% believe Kamala Harris would be best.

To view the reports discussed in this release, including charts, methodology and the full questions and answer choices, please visit:

https://www.redfin.com/news/renters-vs-homeowners-housing-affordability-election
https://www.redfin.com/news/homebuying–delay-election-survey-2024
https://www.redfin.com/news/survey-presidential-candidate-home-values-high

About Redfin

Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix it up to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.6 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 4,000 people.

Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241015973727/en/

Redfin Journalist Services:
Ally Forsell, 206-588-6863
press@redfin.com

Source: Redfin

Released October 15, 2024